Compensation · 6 min read
The standard
760 ILCS 3/708 provides that where the trust instrument does not specify the trustee's compensation, the trustee is entitled to compensation that is reasonable under the circumstances. Where the instrument does specify it, the trustee is compensated as specified, but the court may raise or lower the compensation if the duties are substantially different from those contemplated when the trust was created, or the amount would be unreasonably low or high.
Notice and the accounting
A trustee notifies the qualified beneficiaries in advance of any change in the rate of, or the method of determining, the trustee's compensation (760 ILCS 3/813.1(d)(1)(B)), and each trust accounting shows the trustee's compensation among the disbursements (760 ILCS 3/103).
Reimbursement
A trustee is reimbursed from the trust property, with interest as appropriate, for expenses properly incurred in the administration and protection of the trust (760 ILCS 3/709). Paying reasonable compensation and the expenses of administration is among the trustee's specific powers (760 ILCS 3/816).
When compensation is questioned
Among the remedies for a breach of trust, the court may reduce or deny compensation (760 ILCS 3/1001). A self-interested transaction is governed by the duty of loyalty (760 ILCS 3/802). A licensed Illinois attorney of your choosing can advise on a fee that is unusual for the trust's size or the work.
The statutes, verbatim
Remedies for breach of trust
760 ILCS 3/1001 ↗Clear, simple explanation; the verbatim statute text is not yet attested in our library. See the official statute via the link above.
Compensation of trustee
760 ILCS 3/708 ↗Clear, simple explanation; the verbatim statute text is not yet attested in our library. See the official statute via the link above.
Reimbursement of expenses
760 ILCS 3/709 ↗Clear, simple explanation; the verbatim statute text is not yet attested in our library. See the official statute via the link above.
Duty to inform and account; trusts irrevocable and trustees accepting appointment after effective date of Code
760 ILCS 3/813.1 ↗Clear, simple explanation; the verbatim statute text is not yet attested in our library. See the official statute via the link above.
Common questions
How much does an Illinois trustee get paid?
What the trust instrument specifies, or, where it is silent, compensation that is reasonable under the circumstances (760 ILCS 3/708). Illinois has no fee schedule.
Must an Illinois trustee tell beneficiaries before raising the fee?
Illinois's statute provides for notice to the qualified beneficiaries in advance of any change in the rate or method of determining the compensation (760 ILCS 3/813.1(d)(1)(B)).
Can an Illinois trustee be reimbursed for expenses?
Yes, for expenses properly incurred in the administration and protection of the trust, with interest as appropriate (760 ILCS 3/709).
Related reading
The Learning Center is general information about Illinois law — not legal advice, and not a substitute for advice from a licensed Illinois attorney about your specific facts. TrusteeClear is software, not a law firm.
Frequently asked questions
- How much does an Illinois trustee get paid?
- What the trust instrument specifies, or, where it is silent, compensation that is reasonable under the circumstances (760 ILCS 3/708). Illinois has no fee schedule.
- Must an Illinois trustee tell beneficiaries before raising the fee?
- Illinois's statute provides for notice to the qualified beneficiaries in advance of any change in the rate or method of determining the compensation (760 ILCS 3/813.1(d)(1)(B)).
- Can an Illinois trustee be reimbursed for expenses?
- Yes, for expenses properly incurred in the administration and protection of the trust, with interest as appropriate (760 ILCS 3/709).
General information about Illinois law, not legal advice.